Nov. 3, 2025 2025-XL0716 Texas Water Development Board state water implementation revenue fund for Texas revenue bonds, series 2023A (master trust) Royal Bank of Canada, acting through its New York branch Loop Capital Markets LLC RBC Capital Markets LLC Weekly S&P Global Ratings assigned its ?AAA/A-1+? and ?AAA? ratings to the floater and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and liquidity facility, which is in place to support tender payments on the floaters. The long-term component of our rating on the
